Ann: Operations Update - Brazil Site Visit Completed, page-5

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Merchant2000

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20/03/19

10:05

Post #: 37819819
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Originally posted by qqqqqqqqq: ↑

Funding update

The Company can report that it recently executed an agreement with MEF I, L.P. (Magna) to draw down A$250,000.00 under its existing funding facility. This funding tranche provides management with the requisite flexibility to continue progressing its operational and corporate objectives. The facility is convertible into shares upon the approval of shareholders and will otherwise be repaid.
''After completing the review of the underground operations, the tour moved to the processing plant. Independent Metallurgist Mr. Rob Riggir, who has recentlybeen placed in charge of processing operations at site, took Mr O’Kaneand Mr Scopel through a tour of the processing plant and the gold room. During the week of the visit the plant had been processing approximately 100 tonnes of ROM a day, at an average head grade of approximately 4 g/t gold. This material had been produced from the final development and slot raises from level 7 Mestre.

Recoveries from the plant had been averaging near to 80%, thus each day of processing of this volume of ore was delivering approximately 300 grams of gold in concentrate to the gold room. PostMr. O’Kane departure from Brazil, and prior to his arrival, there had been periods of processing low grade stockpiles during times of interruption to underground operations due to equipment availability.

The resulting average grade of material processed through the plant was as reported in the announcement of March 18th, 2019 by the Company regarding the gold sale on March 15th'

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IMO

Recently drew on $400k from Magna and now another $250k etc,,,

Cash burning at imo an alarming rate

Good luck on tying to complete a $5m CR based on todays announcement and results - price and terms ???????

OGX Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
4 Upvote

0 Great analysis

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Ann: Operations Update - Brazil Site Visit Completed, page-5

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Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

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